Business Hilights
Tracking Nigeria's Headline Business News Online

Verve @ 10, will continue to champion inclusion, seamless payment—Elegbe

Founder/GMD, Interswitch Group and promoters of Verve digital payment card in Africa and Nigeria in particular, Mitchell Elegbe has reinforced assurance that the group will continue to drive financial inclusion across borders with seamless payment platform.

Speaking in Lagos during a recent media parley to mark Verve’s 10th year anniversary, he said “Our card scheme has grown from just an idea to solve the payment inefficiencies in Nigeria, into a bouquet of innovative payment solutions for Nigerians, Africans, and the rest of the world. I consider these first 10 years as years of consolidation and growth. We anticipate the next 10 years to be years of massive investment in unprecedented payment service delivery”

Business Hilights recalls that Verve is a leading payments technology and card business in Africa established by Interswitch Group in 2009. It has since grown to become an independent company of its own with a portfolio of several product offerings.

The GMD averred that the company has had its fair share of turbulent times, but smartly succeeded because of its people, stressing “Our people have trudged on, ensuring that objectives set are met, projects are delivered, relationships with partners are well nurtured and ultimately, customers are satisfied. All these have helped the brand to earn its stripes and come this far. Today, the solutions and products Verve has brought to the marketplace demonstrate what can happen to any endeavour when met with the right people, opportunities and environment.”

In his remarks, Mike Ogbalu III, CEO, Verve International, noted that “the story of Verve is one of resilience, innovation, determination and most importantly, a business proposition that has turned out to be successful.”

“At the time Verve was introduced, Nigeria was dominated by international card schemes. There was the need to have a domestic card scheme with a better understanding of the needs of the Nigerian populace and Africans at large. Today, we have built a payment solution that does not only allow ease of payment across Africa but has a superstructure that the rest of the world is willing to embrace.”

Ogbalu made it clear that “Verve is not only a payment card; Verve has become a lifestyle for its users. It is the way we pay, play and interact. Verve is both a contact and contactless payment solution, a physical and virtual store of value. It is African’s key to exchange”.

The event kicked off with a rendition in spoken words by Wana Wana titled ‘Vervolution’, followed by a 10-minute documentary on ‘The Verve journey, story & Future’.

Business Hilights gathered that performance scorecard 10 year on, showed that the Verve Classic card is issued in Nigeria and eight other African countries and accepted in 21 African countries; while the Verve Global card is accepted in 185 countries including the U.S, U.K and Dubai.

A commemorative panel session moderated by Mike Ogbalu III featured discussions about the e-payment sector in Nigeria, with industry experts including Gbolahan Joshua, Executive Director, Operations and Information, Fidelity Bank Plc; Olu Akanmu, Executive Director, Retail Banking, FCMB; Akeem Lawal, Divisional CEO, Payment Processing, Interswitch and Stanley Jacobs, Chairman, Committee of e-Business Industry Heads, (CeBIH).

Other industry pundits and policy makers at the event members of the media, partner banks including Ecobank, other trade partners and a representative of the payment industry regulator – Samuel Okojere, Director of Payments Systems Management, Central Bank of Nigeria (CBN).